Hong Kong's richest man is retiring, handing the empire to the older son. Hong Kong conglomerate CK Hutchison Group, chaired by Hong Kong's richest man Li Ka-shing said today Mr Li will, with effect from the conclusion of the annual general meeting, retire from his position as chairman and executive director and member of the remuneration committee of the company.

Mr Li will serve as senior advisor of the company. The board thanked Mr Li " led the CK Group as chairman on a steady path of diversification and globalisation through organic growth, mergers and acquisitions, and timely strategic reviews and reorganisations " in the past 46 year.

​

​

The board at the same time announced it has elected, Mr Victor Li Tzar Kuoi, to succeed as chairman and group co-managing director of the company. Mr Victor Li, who has worked for the company for 33 years, is the older son of Mr Li Ka-shing.